Thursday, July 29, 2010

Mortgage Rates at Lowest Level EVER!---July 29, 2010

Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans.

The average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week, mortgage company Freddie Mac said Thursday. That's the lowest since Freddie Mac began tracking rates in 1971.

The last time rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.
The rate on the 15-year fixed loan dropped to 4 percent, down from 4.03 percent last week and the lowest on record.

There's cheap money available for qualified buyers along with housing prices at levels we haven't seen in years.

If you're on the fence, now is the time to buy in Hoboken, Jersey City, Weehawken, Union City!

Information provided by:

Kevin Dowd
Broker Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957

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1 comment:

AlandGal said...

Thank you for providing accurate and up to date information on Hoboken and Jersey City real estate. I find your blog to be a valuable tool as I begin my home search. What are you predictions for the market in the next several months?